GK
BUSINESS MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -There are four types of economic utility, which include form, time, place, and possession.
Detailed explanation-2: -What Is Utility? In economics, utility refers to the satisfaction levels consumers receive from buying and using a product or service. According to utility theory, people make purchase decisions based on the degree of satisfaction they get from an item or service.
Detailed explanation-3: -There are five types of economic utility: time, place, possession, form, and information: Utility of time refers to when the consumer wants the product. Utility of place deals with where the consumer wants to purchase the good or service.
Detailed explanation-4: -Utility of Time. This is the “when” component of utility: Is your product available when customers want it? Utility of Place. Place utility refers to the ability of consumers to get what they want, where they want it. Utility of Possession. Utility of Form. Utility of Information. 30-Dec-2020